Fair Treatment of Financial Consumers: A Guide for Malaysians

By a Licensed Financial Planner

As a licensed financial planner in Malaysia, I take pride in upholding the highest standards of integrity and ethics. With Bank Negara Malaysia’s (BNM) recent update to its Fair Treatment of Financial Consumers (FTFC) Policy Document in March 2024, it’s more important than ever to ensure that every consumer—especially those in vulnerable situations—is treated fairly and with respect.

In this post, I’ll walk you through what FTFC means, why it matters to you, and how financial professionals like myself are committed to your best interests.

🏛️ What Is FTFC?

Introduced in 2019 and strengthened in 2024, the FTFC policy by BNM is designed to protect the rights of financial consumers.

Key focus areas include:

• Raising professionalism among financial service providers (FSPs)

• Enhancing protection for vulnerable groups

• Holding institutions accountable to clear, fair, and ethical standards

FTFC is more than just compliance—it’s a commitment to doing what’s right.

📜 The 7 Key Principles of FTFC

BNM’s FTFC framework is based on seven core principles that all banks, insurers, and financial advisors must uphold:

1. Leadership & Culture – Commitment to fairness starts at the top.

2. Fair Contract Terms – No hidden clauses; transparency is key.

3. Clear & Timely Information – Understandable information before decisions.

4. Due Care & Diligence – Professionalism and responsibility in all dealings.

5. Suitable Advice – Personalized to your financial needs and goals.

6. Efficient Complaint Handling – Quick, fair, and transparent resolution.

7. Protection for Vulnerable Consumers – Special care for those most in need.

🧓 Who Are Vulnerable Consumers?

The policy defines vulnerable consumers as individuals who may face extra challenges, such as:

✅ Elderly or persons with disabilities who struggle with digital banking
✅ Individuals facing job loss or sudden hardship
✅ Those with low financial literacy or language barriers
✅ Households with little or no financial buffer

If you identify with any of the above, financial providers must offer you additional support.

💼 How Financial Professionals Uphold FTFC

As a financial planner, my role is not just about offering financial advice—it’s about earning your trust. Here’s how I do that:

✔ Clear Advice – No misleading sales tactics
✔ Plain Language – Avoiding technical jargon
✔ Tailored Solutions – Only recommending what suits your goals
✔ Data Privacy – Your personal info is secure
✔ Extra Support – Especially for vulnerable clients

🤝 What This Means for You

As a financial consumer in Malaysia, you have the right to fair treatment. You should expect:

• Transparent info before you commit to a product or service

• Advice tailored to your needs—not just sales

• Extra attention if you’re in a vulnerable position

• A safe, confidential environment for your financial discussions

And if you ever feel unfairly treated, don’t hesitate to reach out to:
➡️ Bank Negara Malaysia’s Consumer Department
➡️ Financial Mediation Bureau (FMB)

🧭 Final Thoughts: A Shared Responsibility

Fairness in finance isn’t just a policy—it’s a shared commitment to building a better financial future for all Malaysians.

Whether you’re just starting out, planning retirement, or dealing with financial hardship, I’m here to support you with honesty, clarity, and care.

📩 Need help or advice?
Feel free to reach out—I’m here to help you make smart, informed, and secure financial decisions.

🔗 For more information, check out the official BNM FTFC Policy Document.

Disclaimer: This article is for educational purposes only and does not constitute financial advice. Please consult a licensed financial planner for personalized recommendations.

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Fair Treatment of Financial Consumers: A Simple Guide for Malaysians

By a Licensed Financial Planner

As a licensed financial planner in Malaysia, I always try to give my clients honest advice and treat them with care. In March 2024, Bank Negara Malaysia (BNM) updated its Fair Treatment of Financial Consumers (FTFC) policy. This means all banks, insurers, and financial advisors must treat customers more fairly—especially those who need extra help.

In this article, I’ll explain what FTFC is, why it’s important, and how it protects you as a financial consumer.

🏦 What Is FTFC?

BNM first introduced FTFC in 2019, and it was updated in 2024. It’s a set of rules to make sure people are treated fairly when dealing with financial services.

The goals of FTFC:

• Make sure financial professionals are honest and responsible

• Protect people who are more vulnerable

• Help consumers make better financial decisions

FTFC is not just a rule—it’s about doing the right thing for all customers.

📋 The 7 Main Principles of FTFC

BNM’s FTFC policy is based on 7 key rules that financial professionals must follow:

1. Leadership & Culture – Companies must support fairness from the top.

2. Fair Contract Terms – No hidden fees or unfair rules in contracts.

3. Clear Information – You should get simple and easy-to-understand info.

4. Care & Responsibility – Advisors must treat you with care and do their job properly.

5. Right Advice – Advice must match your needs, not just sell you a product.

6. Quick Complaints Help – Problems must be handled fairly and quickly.

7. Support for Vulnerable Consumers – Extra help for those who need it most.

👵 Who Needs Extra Help? (Vulnerable Consumers)

Some people may face more challenges when using financial services. These include:

✅ Elderly people or people with disabilities
✅ People who lost their jobs or are going through tough times
✅ People who have a lot of debt or no savings
✅ People who don’t understand financial terms well

If this sounds like you or someone you know, financial professionals should give extra care and support.

🧑‍💼 What Financial Planners Like Me Must Do

As your financial planner, I follow these best practices:

✔ I give honest and clear advice
✔ I use simple language—not confusing terms
✔ I recommend what’s best for you, not what earns the most
✔ I keep your personal info private
✔ I give extra help if you’re facing difficulties

🤔 What This Means for You

If you are using financial services (like banks, insurance, or financial planning), you have the right to be treated fairly.

You should expect:

• Clear and honest info before signing anything

• Advice that matches your financial situation

• Extra care if you are in a difficult or vulnerable situation

• Help if something goes wrong

If you feel you were treated unfairly, you can report it to:

🔹 BNM’s Consumer Department
🔹 Financial Mediation Bureau (FMB)

💬 Final Thoughts

Fair treatment is important for everyone. It helps build trust and protects your money and future.

As a licensed financial planner, I’m here to support you—no matter your age, background, or situation. I’ll help you make the best choices for your financial goals.

📞 Need help or have questions?
I’m happy to talk and offer support. Let’s work together to make smart financial decisions.

🔗 Learn more: BNM FTFC Policy Document

Disclaimer: This article is for learning purposes only. Please talk to a licensed financial planner for advice that suits your personal needs.